Checking accounts still too confusing and expensive, study finds

Sat, 06/09/2012 - 02:00 EDT - LA Times

Despite recent improvements by the nation's largest banks, checking account disclosures are too long and fees for overdraft protection too high, a Pew Charitable Trusts study finds.WASHINGTON — Despite recent improvements by the nation's largest banks, checking accounts are still too confusing for consumers and overdraft fees are too high, according to new findings by the Pew Charitable Trusts.

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WASHINGTON -- Despite some recent improvements by the nation's largest banks, checking accounts are still too confusing for consumers and overdraft fees are too high, according to new findings by the Pew Charitable Trusts.

Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks — to the tune of about $31 billion a year. That’s down from $37 billion in 2007, but a new report from the Consumer Financial Protection Bureau makes clear the number ought to be far lower. Why?

Despite regulatory reform aimed at reining in checking account overdraft fees, the penalty is still a cash cow for banks — to the tune of about $31 billion a year. That’s down from $37 billion in 2007, but a new report from the Consumer Financial Protection Bureau makes clear the number ought to be far lower. Why?

Bank customers are angry and confused by overdraft fees, research confirmed recently, an indication that effort four years ago to implement transparent rules about when banks are allowed to charge customers has not worked.

Bank customers are angry and confused by overdraft fees, research confirmed recently, an indication that effort four years ago to implement transparent rules about when banks are allowed to charge customers has not worked.